GENERAL ECONOMICS PROGRAMME COURSE DESCRIPTION

Code	Name of the Course Unit	Semester	In-Class Hours (T+P)	Credit	ECTS Credit
END102	GENERAL ECONOMICS	2	3	3	7

GENERAL INFORMATION
Language of Instruction :	Turkish
Level of the Course Unit :	BACHELOR'S DEGREE, TYY: + 6.Level, EQF-LLL: 6.Level, QF-EHEA: First Cycle
Type of the Course :	Compulsory
Mode of Delivery of the Course Unit	-
Coordinator of the Course Unit	Prof. CEMALETTİN KUBAT
Instructor(s) of the Course Unit
Course Prerequisite	No

OBJECTIVES AND CONTENTS
Objectives of the Course Unit:	The aim of this course is to provide students with the basic concepts and methods of economics; to explain demand, supply, elasticity, consumer and producer behaviour and the functioning of market structures at the microeconomic level, and national income, inflation, unemployment, the saving-investment relationship, the monetary system and international economic relations at the macroeconomic level.
Contents of the Course Unit:	The course covers the basic concepts of economics and economic systems, demand and supply analysis, market equilibrium, elasticity, market failures and government intervention in markets, consumer behaviour theory, production and cost theory, market structures, together with national income, inflation, saving and investment, the time value of money and risk, unemployment, the monetary system and the open economy.

KEY LEARNING OUTCOMES OF THE COURSE UNIT (On successful completion of this course unit, students/learners will or will be able to)
Defines the basic concepts of economics, economic systems and the types of economic analysis.
Explains the formation of market equilibrium through demand and supply analysis and the concept of elasticity.
Explains market failures and the instruments of government intervention in markets.
Explains consumer and producer equilibrium within the framework of utility, production and cost concepts.
Compares firm behaviour and equilibrium conditions under different market structures.
Explains national income, inflation and unemployment indicators and the methods used to measure them.
Explains the saving-investment relationship, the time value of money, the monetary system and open economy flows.

WEEKLY COURSE CONTENTS AND STUDY MATERIALS FOR PRELIMINARY & FURTHER STUDY
Week	Preparatory	Topics(Subjects)	Method
1	Relevant sections of the sources	The Nature of Economics: Basic Economic Problems, Scarcity, Choice and Opportunity Cost, Factors of Production	Distance learning, lecture, question and answer
2	Relevant sections of the sources	Economic Systems, the Concept of the Market, Demand and Supply Analysis, Market Equilibrium	Distance learning, lecture, question and answer
3	Relevant sections of the sources	Elasticity: Price, Income and Cross-Price Elasticity of Demand, Elasticity of Supply	Distance learning, lecture, question and answer
4	Relevant sections of the sources	Markets and the State: Market Failures, Public Goods, Externalities, Price Floors and Price Ceilings	Distance learning, lecture, question and answer
5	Relevant sections of the sources	Consumer Behaviour Theory: Utility Approaches, Indifference Curves, the Budget Line and Consumer Equilibrium	Distance learning, lecture, question and answer
6	Relevant sections of the sources	Producer Equilibrium and Production Costs: Production Periods, the Law of Diminishing Returns, Types of Cost, Economies of Scale	Distance learning, lecture, question and answer
7	-	MID-TERM EXAM	-
8	Relevant sections of the sources	Market Structures: Firm Equilibrium under Perfect Competition, Monopoly and Monopolistic Competition	Distance learning, lecture, question and answer
9	Relevant sections of the sources	National Income: GDP, Value Added, Methods of Calculation, Nominal and Real GDP	Distance learning, lecture, question and answer
10	Relevant sections of the sources	Inflation: Types of Inflation, Price Indices (CPI, PPI, GDP Deflator), Nominal and Real Interest Rates	Distance learning, lecture, question and answer
11	Relevant sections of the sources	Saving, Investment and Financial Institutions: The Market for Loanable Funds, Budget Deficits and the Crowding-Out Effect	Distance learning, lecture, question and answer
12	Relevant sections of the sources	The Time Value of Money and Risk: Present Value, Compound Interest, Risk Aversion, Diversification and Asset Valuation	Distance learning, lecture, question and answer
13	Relevant sections of the sources	Unemployment: Labour Force Statistics, Calculating the Unemployment Rate and the Natural Rate of Unemployment	Distance learning, lecture, question and answer
14	Relevant sections of the sources	The Monetary System: Functions of Money, Money Supply, the Central Bank, Bank Reserves and the Money Multiplier	Distance learning, lecture, question and answer
15	Relevant sections of the sources	The Open Economy: Net Exports, the Trade Balance, Capital Flows and the Saving-Investment Relationship	Distance learning, lecture, question and answer
16	-	FINAL EXAM	-
17	-	FINAL EXAM	-

SOURCE MATERIALS & RECOMMENDED READING
Osman Z. ORHAN ve Seyfettin ERDOĞAN, İktisada Giriş,İstanbul: Palme Yayıncılık, 2010.
Zeynel DİNLER, İktisada Giriş, Bursa: Ekin Yayınları, 2011.
Erdan ÜNSAL, İktisada Giriş, Ankara: İmaj Yayıncılık, 2010.

ASSESSMENT
Assessment & Grading of In-Term Activities	Number of Activities	Degree of Contribution (%)	Description	Examination Method
Mid-Term Exam	1	50		Optical (Test) Exam
Final Exam	1	50		Optical (Test) Exam
TOTAL	2	100

Level of Contribution
0	1	2	3	4	5

KNOWLEDGE
Theoretical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Gain sufficient knowledge in Mathematics, Science and Industrial Engineering.		1

KNOWLEDGE
Factual
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Analyzes and evaluates existing application areas in the field of Industrial Engineering and develops applications for their solutions.	0

SKILLS
Cognitive
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Analyzes a system, the components of that system, the process of that system, and designs the system by examining it in line with realistic constraints and goals.	0
2	Gains the ability to model and solve engineering problems.	0

SKILLS
Practical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Identifies the problems that may be encountered in the field of industrial engineering and acquires the ability to choose and apply the appropriate method to be used in problem solving.	0
2	Selects and uses technical tools necessary for industrial engineering applications; uses information technologies effectively.	0
3	Designs experiments, conducts experiments, collects data, analyzes and interprets the results to examine problems in the field of industrial engineering.		1

OCCUPATIONAL
Autonomy & Responsibility
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Gains the ability to work effectively within a team.	0
2	Works effectively individually and takes responsibility.		1

OCCUPATIONAL
Learning to Learn
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Accesses the necessary information for a determined problem and searches for resources for this purpose.		1
2	Has the ability to follow all developments in the field of industrial engineering and constantly renew itself.		1

OCCUPATIONAL
Communication & Social
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Gains oral and written communication skills and speaks at least one foreign language.		1

OCCUPATIONAL
Occupational and/or Vocational
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Has awareness of professional and ethical responsibility.		1
2	Has knowledge about the universal and social effects of industrial engineering applications and reaches solutions by being aware of the importance of an innovative approach in solving engineering problems.			2

WORKLOAD & ECTS CREDITS OF THE COURSE UNIT
Workload for Learning & Teaching Activities
Type of the Learning Activites	Learning Activities (# of week)	Duration (hours, h)	Workload (h)
Lecture & In-Class Activities	14	3	42
Preliminary & Further Study	14	4	56
Land Surveying	0	0	0
Group Work	0	0	0
Laboratory	0	0	0
Reading	14	4	56
Assignment (Homework)	0	0	0
Project Work	0	0	0
Seminar	0	0	0
Internship	0	0	0
Technical Visit	0	0	0
Web Based Learning	0	0	0
Implementation/Application/Practice	0	0	0
Practice at a workplace	0	0	0
Occupational Activity	0	0	0
Social Activity	0	0	0
Thesis Work	0	0	0
Field Study	0	0	0
Report Writing	0	0	0
Final Exam	1	2	2
Preparation for the Final Exam	1	10	10
Mid-Term Exam	1	2	2
Preparation for the Mid-Term Exam	1	10	10
Short Exam	0	0	0
Preparation for the Short Exam	0	0	0
TOTAL	46	0	178